Transcript Slide 1

Your Flexible Spending Account Options
Section 125 Cafeteria Plan
Flexible Spending Account (FSA)
Flexible Spending Accounts (FSA)
Designed to save you money / more take home pay
Free Benefit!!
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Money in an FSA is never taxed
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No federal income tax
No social security tax
Every dollar you contribute is pre-tax, reducing your
taxable income and increasing your take-home pay!
How Much Should You Contribute?
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Estimate out-of-pocket expenses for the plan year for you and your
qualified dependents:
Medical expenses
Dependent Care expenses
Employee (self)
for
Spouse
Dependents
NOTE: If your spouse is enrolled or will be enrolling in a Health Savings Account Plan
(HSA), you are not eligible to participate in this Medical FSA.
Medical FSA
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Elect pre-tax dollars to pay for eligible Medical
expenses:
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(Section 125 Cafeteria Plan)
Medical
Dental
Vision
With rising healthcare costs,
every penny counts!
Eligible Expenses for Medical FSA
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Co-pays and deductibles
Prescription drugs/medications
Dental/orthodontia care
Glasses / Lasik / Contacts/
Solution
Medical Equipment
Drug & Alcohol Treatment
Hearing aids
Mileage to-and-from doctor
appointments
See complete eligible list
Ineligible Expenses:
 Insurance premiums
 Non-prescription OTC items
 Cosmetic procedures
 Personal hygiene products
 Vitamins/supplements
 Diet products/food
 Exercise equipment
 Health club fees
 Non-prescription glasses
 See complete ineligible list
Please note: OTC drugs/medications require a prescription or Letter of Medical
Necessity to be eligible for FSA reimbursement.
Dependent Care FSA
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Elect pre-tax dollars to pay for eligible dependent day care
services while you (and your spouse) are working or
attending school full-time.
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Daycare expenses and/or Before or after school care
Nursery school / Nannies
Summer Day Camp
Elderly Care
Qualifications:
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Dependent care for children under age 13
Dependent who is physically or mentally incapable of selfcare including elderly parents.
Your daycare provider must claim your payments as income
and pay tax
FSA Savings Example
Annual Salary:
Out-of-Pocket Medical/Dental Expenses:
Out-of-Pocket Dependent Care Expenses:
Without FSA
Gross Pay
FSA Contribution
Taxable Income
Taxes (Fed, State, FICA)
Out-of-Pocket Expenses
Reimbursement from FSA
Take-Home Pay
$
- $
$
- $
- $
+$
$35,000
$ 1,000
$ 2,500
With FSA
35,000
0
35,000
10,500
3,500
0
$ 35,000
-$
3,500
$ 31,500
-$
9,450
-$
3,500
+$
3,500
$ 21,000
$ 22,050
Annual savings = $1,050
Immediate Access to Medical Funds
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The total amount of your Medical FSA annual contribution
is available to you uniformly throughout the plan year,
even though you are funding it each paycheck.
NOTE: Dependent Care FSA funds are available only as they
are deducted from your paychecks (money-in, money-out).
Funds cannot crossover between each FSA type
(i.e., Medical FSA funds cannot be used for Dependent Care
expenses.)
Maximum = $2500
Minimum = $10 per pay
How the TASC CARD Works
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You will receive the FlexSystem
TASC Card as a FSA participant.
It acts as a debit card and will come pre-loaded
with the amount your annual contribution for
Medical FSA. (use as credit)
The TASC Card will also work for your Dependent
Care FSA, but only with the available account
balance.
It is a “Smart Card” -- it will only be accepted for
eligible expenses (see list).
Forfeiture – “Use It or Lose It”
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“Use It or Lose It” - FSA balances do NOT rollover!
You must spend all the money in your account by the end
of the Plan year/Grace period, or your remaining balance
will be forfeited. Plan Year April 1 to March 31
TIPS:
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Be conservative. Set aside only dollars you will actually use.
Access your account to check balance frequently
Grace Period runs for up to 2 ½ months after the plan year
ends (June 14th)
Run Out Period ends June 30th.
Points to Remember
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Each plan year, the card dollar limit is replenished
according to the new elected amount on the first
day of the new plan.
The TASC Card cannot be used for expenses
incurred in the prior plan year.
Keep your receipts!
Keep your TASC Card – do not throw away!
Expiration Date!
Contact Information
www.tasconline.com
MyTASC Online
 Login to MyTASC
 Click “Contact Us”
 24-48-hour response time
 Donna Erhardt
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P 337-8318 / F 337-8666
[email protected]
1.800.422.4661
Interactive Voice Response
 Have 12 digit participant
ID number ready
 Monday-Friday
8:00am – 5:00pm CT
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AND/OR
SMART PHONE APP
Reminder: Paper Enrollment Only
Flexible Spending Account Enrollment Form
Client TASC Id:
4401-8544-7853
Plan Name:
The School District of Lee County, FL
THE SCHOOL DISTRICT OF LEE COUNTY, FL
Every line must be completed. Please enter zero (0) on
DONNA ERHARDT
the lines where no amount is being deducted. Make
2855 COLONIAL BLVD
sure to sign and date the enrollment form. Return
the
FORT MYERS FL 33966
completed and signed form to your employer
Participant Information:
Email ______________________Employee ID_________________
Full Name ______________________________________________
Address ________________________________________________
City______________________________ State _____ Zip ________
(Plan Year is April 1 to March 31) (Grace Pd April 1 to June 14)